Forward Air Corporation (FWRD) Rating Reiterated by Cowen and Company

Forward Air Corporation (NASDAQ:FWRD)‘s stock had its “hold” rating restated by stock analysts at Cowen and Company in a research report issued to clients and investors on Thursday. They currently have a $51.00 target price on the transportation company’s stock. Cowen and Company’s price objective indicates a potential downside of 0.97% from the stock’s current price.

Several other brokerages have also issued reports on FWRD. BidaskClub upgraded Forward Air Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Stifel Nicolaus increased their price objective on Forward Air Corporation from $46.00 to $47.00 and gave the stock a “hold” rating in a research note on Friday, April 28th. Zacks Investment Research downgraded Forward Air Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. Finally, Wolfe Research downgraded Forward Air Corporation from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 1st. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company. Forward Air Corporation currently has a consensus rating of “Hold” and a consensus price target of $51.25.

Forward Air Corporation (FWRD) opened at 51.50 on Thursday. Forward Air Corporation has a 52-week low of $40.07 and a 52-week high of $56.52. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of 26.94 and a beta of 1.06. The firm’s 50 day moving average price is $52.82 and its 200 day moving average price is $50.47.

Forward Air Corporation (NASDAQ:FWRD) last announced its quarterly earnings results on Wednesday, July 26th. The transportation company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.06. The business had revenue of $267.50 million for the quarter, compared to analyst estimates of $256.98 million. Forward Air Corporation had a return on equity of 13.31% and a net margin of 5.68%. The company’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 earnings per share. Equities research analysts anticipate that Forward Air Corporation will post $2.35 EPS for the current fiscal year.

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In other news, Director C Robert Campbell sold 1,718 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $52.99, for a total value of $91,036.82. Following the completion of the sale, the director now directly owns 19,652 shares of the company’s stock, valued at $1,041,359.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Michael P. Mclean sold 3,333 shares of the stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $50.33, for a total value of $167,749.89. Following the completion of the sale, the chief accounting officer now directly owns 21,718 shares of the company’s stock, valued at $1,093,066.94. The disclosure for this sale can be found here. Over the last three months, insiders sold 58,628 shares of company stock valued at $3,028,816. Company insiders own 2.40% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. bought a new stake in shares of Forward Air Corporation during the first quarter valued at approximately $114,000. Huntington National Bank increased its stake in shares of Forward Air Corporation by 8.1% in the second quarter. Huntington National Bank now owns 2,204 shares of the transportation company’s stock worth $117,000 after buying an additional 165 shares during the last quarter. TrimTabs Asset Management LLC increased its stake in shares of Forward Air Corporation by 88.9% in the first quarter. TrimTabs Asset Management LLC now owns 2,482 shares of the transportation company’s stock worth $118,000 after buying an additional 1,168 shares during the last quarter. US Bancorp DE increased its stake in shares of Forward Air Corporation by 22.6% in the second quarter. US Bancorp DE now owns 2,411 shares of the transportation company’s stock worth $129,000 after buying an additional 445 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its stake in shares of Forward Air Corporation by 0.9% in the first quarter. State of Alaska Department of Revenue now owns 3,340 shares of the transportation company’s stock worth $158,000 after buying an additional 30 shares during the last quarter. 99.04% of the stock is owned by hedge funds and other institutional investors.

About Forward Air Corporation

Forward Air Corporation is a freight and logistics company. The Company provides less-than-truckload (LTL), truckload, intermodal and pool distribution services across the United States and in Canada. The Company’s segments include Expedited LTL, Truckload Premium Services (TLS), Intermodal and Pool Distribution.

Analyst Recommendations for Forward Air Corporation (NASDAQ:FWRD)

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